I was doing a search online for some tips on building credit and saving money. I found this on credit.com, “The average bounced check fee is over $27, according to Bankrate.com. That’s just the fee you pay to the bank; you could be on the hook for another $25 or more to the company or person that deposited your rubber check. One check could set you back $50 in fees alone! “
It’s very true that banks do charge you this amount of money for a bounced check. Not to mention that these bounced checks and NSF fees will sometimes keep adding up until you deposit an amount to cover the negative balance in your account. Every bank can charge differently for their NSF fees and some banks will even force close your account if you have too many days with a negative balance.
Now consider the cost of a payday loan. Just as banks charge differently, payday loan lenders will charge their own rates. Spotya.com charges an average of $18 for every $100 that you borrow. In some states, we charge as little as $10 per hundred.
Fact of the matter is that it would cost you less to get a payday loan than it would if you bounced a check.
I am a Blogger, Web Content Writer, Teacher, Mom. A woman of many hats. As an elementary teacher, I had always encouraged my students to write more. I find myself falling back on my own teaching techniques to share what I know about building and rebuilding personal finances.